Make Better Underwriting Decisions with Shift Technology

Fraud can occur at any point during the policy lifecycle. So why take on extra risk by insuring bad actors? 

As an underwriting professional, you’re facing tremendous pressures. One one hand, customers desire a more “on demand” experience, which means you’re being asked to speed up the process and get more policyholders signed up more quickly. On the other hand, you need to avoid premium leakage and writing bad policies. It can feel like a no win situation. The good news is that there are solutions available that can help you achieve both objectives — make really good decisions, really fast while at the same time identifying bad actors.

At Underwriting Innovation USA 2021, Arnaud Grapinet, Chief Data Scientist at Shift Technology laid out the business case for AI-powered underwriting fraud detection and the impact it can have on insurers. By adopting  this technology, carriers have been able to provide the speedy onboarding process that customers demand while at the same time identifying suspicious applications at the time of underwriting.  Insurers are protected from downstream risks and the expense of recovering fraudulent claims after the fact.